In a move signaling a potential shift in strategic priorities, La Banque Postale is actively considering the cessation of operations for Ma French Bank, its 100% mobile banking subsidiary. The decision follows the initiation of an information-consultation process on December 18, 2023, involving discussions with their respective employee representative bodies to assess the project's feasibility and implementation conditions.
Strategic review and market realities
This dialogue arises from La Banque Postale's recent strategic review, conducted five years post-Ma French Bank's launch. Despite client success, profitability and a sustainable economic model have proven elusive. The intensely competitive market necessitates substantial investments for critical size, a direction misaligned with La Banque Postale's strategic focus on digital acceleration.
Phased approach and employee transition
Should Ma French Bank cease operations, it will undergo a gradual, 12 to 18-month process. Employees, viewed as valuable assets, will be offered opportunities within the broader La Banque Postale group.
Client-centric transition plan
In the event of implementation, La Banque Postale commits to offering Ma French Bank clients the option to open accounts within its established infrastructure. This ensures access to both a vast physical network and cutting-edge digital services.
Risk-free transition for clients
Both entities emphasize that any potential cessation poses no risks to client assets and deposits, assuring continued accessibility throughout.
Transparent communication strategy
La Banque Postale and Ma French Bank vow to provide regular updates to all stakeholders, maintaining transparency as they navigate potential changes. This commitment reflects their dedication to addressing industry shifts with clarity and openness.**
